Greenhill & Co. (GHL) Misses Q1 EPS by 4c

Greenhill & Co. (NYSE: GHL) reported Q1 EPS of ($0.40), $0.04 worse than the analyst estimate of ($0.36). Revenue for the quarter came in at $67.1 million versus the consensus estimate of $54.25 million.

"We are pleased with our Firm\'s resilience in the face of the current pandemic. We have remained fully operational and continued to maintain client dialogues, win new assignments and assist clients in getting to agreement and completion of important transactions. However, the economic and market reaction to the pandemic negatively affected our results for the first quarter, as many M&A and capital advisory transactions were impacted. While the current quarter will be similarly impacted, we maintain a positive outlook for the second half based on some large announced M&A transactions that remain pending, a rapidly growing book of restructuring advisory assignments and expectations of rebounding capital advisory activity once marked down private equity valuations are available. Further, we are taking a number of steps to reduce non-compensation costs, as was evident this quarter, and we will likewise aim to bring down our compensation ratio as we did over the course of last year. Meanwhile, we will continue to make strategic investments to seed future growth, as indicated by recent senior hires and the continued expansion of our extremely active restructuring business," Scott L. Bok, Chairman and Chief Executive Officer, commented.

For earnings history and earnings-related data on Greenhill & Co. (GHL) click here.

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